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counting and probability intermediate
Problem
In a lottery, a ticket costs \3\. In all, tickets are sold, one ticket is randomly drawn, and the winner is awarded the jackpot. What are the expected winnings in dollars of buying one ticket (including the cost of the ticket)?
Solution
The chance of winning the jackpot is . The value of the jackpot is \250000E = \frac{1}{100000} \cdot \250000 - \3 = \2.50-\3.00 = \boxed{-\0.50}.
Final answer
-\$0.50